Charles Rex Arbogast, Associated Press
Chicago Bulls shooting guard Richard Hamilton takes a pass from point guard Derrick Rose during the first half of an NBA preseason basketball game against the Indiana Pacers Tuesday, Dec. 20, 2011 in Chicago.

CHICAGO — Reigning MVP Derrick Rose has agreed to a five-year contract extension with the Chicago Bulls worth approximately $94 million, a person familiar with the situation said.

The Chicago Tribune, citing sources, first reported the deal.

The person spoke to the Associated Press on the condition of anonymity Tuesday night because the deal had not been finalized. The extension will start in the 2012-13 season, when Rose is eligible to make about $16 million.

The deal is hardly a surprise given all Rose has accomplished. The Chicago product went from Rookie of the Year to All-Star to MVP in his first three seasons, becoming the youngest player to win that award. About the only thing he doesn't have is a championship ring, and that's something he hopes to change in his fourth season.

The Bulls came close last season, winning a league-high 62 games and advancing all the way to the Eastern Conference finals before losing to the Miami Heat.

Now, they're looking for more.

Rose has repeatedly pointed the finger at himself for the Bulls coming up short against the Heat in the playoffs. He worked on his inside game in the offseason after expanding his shooting range in previous years, but it's hard to imagine him accomplishing much more than he did last season.

Rose delivered one of the best seasons by a point guard. He also joined Michael Jordan as the only Bulls players to win the MVP award.

The South Side product established himself as one of the league's best players, averaging 25 points and 7.7 assists while leading Chicago to its best season since the championship era with Jordan and Scottie Pippen.

For Rose, the contract extension is just another milestone in a rapid rise from the city's rough Englewood neighborhood to a starring role with his hometown team.

He helped Simeon Career Academy become the first Chicago Public League team to win back-to-back state championships, then led Memphis to the NCAA championship game before the Bulls drafted him with the No. 1 pick in 2008 after defying long odds to win the lottery.